Competition Bureau Clears Domtar, Weyerhaeuser Business Deal
Jan. 9, 2007 - Domtar said that Canada's Competition Bureau has decided not to challenge the closing of the proposed combination of Domtar with Weyerhaeuser's fine paper and related businesses.
The United States Department of Justice made a similar decision on the transaction in October 2006 under the Hart-Scott-Rodino review process, Domtar said.
"We are very pleased with these decisions from the Canadian and U.S. authorities," said Raymond Royer, Domtar's president and CEO. "This was an essential condition for the transaction. This major step towards closing now enables us to seek approval from our shareholders and start developing a plan to better meet the needs of customers across North America in a competitive marketplace," added Royer.
Other closing conditions include approvals from Investment Canada and from Domtar shareholders at a special meeting to be held in February, the company said.
Domtar expects the deal to close in the first quarter of 2007.
SOURCE: Domtar Inc.
See related story:Weyerhaeuser Combines Fine Paper Business with Domtar (8/23)